Globe Life advertises itself as Final Expense Life Insurance. It is not! It is an increasing premium term policy.
A Final Expense Life Insurance Policy is a permanent policy. It should provide guaranteed coverage at a set monthly price for life. Globe Life does not provide permanent coverage. Instead it provides coverage at a set price for very limited period of time, and then rises.
Even an astute consumer would have great difficulty figuring out what kind of policy Globe Life offers. Globe Life boldly asserts that the first month is just $1, and then lists the monthly price cost at your current age. To understand what this chart really means a consumer would have to read and understand the tiny print at the bottom of this insert (See Arrow) “Your policy premium is based on your age at issue, premiums increase as you enter each new 5 year period”. On top of that, Globe never tells the consumer that the policy ends at 84 or 89, and that theater is NO CASH VALUE for this policy and NO DIVIDENDS.
So Globe is an increasing term policy that does not meet the needs of most people over 50 who want the peace of mind of a set monthly price and a lifetime policy. Nor does it provide cash value that can be borrowed or dividends which offset the cost of premiums.
Nonetheless some people might find Globe Life initially attractive because it doesn’t require a medical exam. But that feature is provided by most other insurance companies. Others might like the prices even knowing that was term. But these consumers should know that most other companies offer much less expensive term options than Globe. In short there is no circumstance where any consumers should consider Globe Life. Deceptive sales practices, excessive rates, and lack of lifetime guarantees make Globe Life among the worst insurance companies in America today.
Even a very astute consumer would have to look very hard to realize that Globe Life was not offering permanent coverage and that the rates rise every 5 years. The image attached to this post shows how the rates rise as the insured reaches various ages. But unless a consumer read the fine print at the bottom (See the Arrow), she would not now that this is what this chart shows. Instead it appears that the rate indicated at the age indicated is the level rate for the policy period. Distracting the consumer from the truth of this policy is the BOLD hook: “$1 Pays for the First Month’s Coverage” and the tiny print well underneath reading “Your initial premium is based on your age at issue, premiums increase as you enter each new five year age period.”.